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Real Estate - Residential

$21.5M In Single-family Rentals Completed In Shallotte; National Builder Opens Community In Bolivia

By Staff Reports, posted Mar 24, 2023
Capstone Building Corp. recently completed a $21.5 million rental cottage community in Shallotte. (Photo courtesy of Capstone Building Corp.)
Brunswick County's inventory of homes include a recently completed single-family rental development in Shallotte and the opening of sales for a housing project in Bolivia.

Capstone Building Corp., a general contractor based in Birmingham, Alabama, has finished a Heartsease at Shallote, a $21.5 million luxury community of cottages that Capstone built with developer EYC Companies, according to a news release.

The 83-unit Heartsease, at 5000 Seaforth St. in Shalotte less than a ile from U.S. 17, includes studios and one-, two- and three-bedroom craftsman-style cottages.

"Residents will enjoy home and landscape maintenance, three acres of community green space, a clubhouse and fitness center, walking trails, a swimming pool and pickleball courts," the release stated.

In a separate announcement this week, Texas-based LGI Homes Inc. (NASDAQ: LGIH) announced the grand opening of New South Bridge in Bolivia.

Also located off U.S. 17, New South Bridge will offer homes to buy at prices in the $260s, a news release stated. The one- and two-story homes range in size from 1,460 to 2,358 square feet, with up to four bedrooms and two-and-a-half bathrooms, according to the release

“With the opening of New South Bridge, we are excited to expand our presence further into the Wilmington market,” said Jef Yarbrough, division president. “The new homes available at New South Bridge provide homebuyers in the Bolivia area with an incredible selection of affordable, move-in ready opportunities that offer the space, upgrades and amenities they desire.”

Brunswick County's median price in February increased 2% to $364,900 from last February's $356,991, according to a report by the Brunswick County Association of Realtors.

The county's residential real estate market also saw a slight increase in new listings in February, while the average sales price decreased for the first time in over a year, a BCAR release stated. The number of units sold decreased nearly 18%, from 383 in February 2022 to 315 last month.

“Our market is still inching toward normal pace, we’re not quite there yet,” said Cynthia Walsh, BCAR CEO, in the release. “While average sale prices were down slightly in February, they’re still substantially higher than they were a couple of years ago. The bottom line is that our market is still highly competitive, with homes continuing to sell for more than the original list price.”

The average sales price decreased 4.2%, from $457,130 to $437,933 and new listings were up 12.8%, from 438 to 494, the release stated.

According to the releae, "Year-to-date sales volume through February totaled $263,300,000, down 21.9% from last year’s $336,980,000. Average sales price for the year is down 1.2% over 2022, decreasing from $437,742 to $432,672. The number of units sold through February is down 22.1%, from 770 to 600, and the number of new listings is up 16.3%, from 835 to 971."

 

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